When I talk to people about entrepreneurship, I sometimes get fear-based responses. After all, it can be hard to think about leaving behind the “guarantees” of a big paycheck and an apparently secure position. But having a corner office doesn’t shield you from pink slips. In fact, experience and a big paycheck can work against you if your employer falls on hard times and needs to slim down. Entrepreneurship actually gives you more, not less, control over your situation. And if you’re struggling with common fears about flying solo, self-employment through franchising can be the perfect answer.
There are two fears in particular that I hear most often from clients: fear of isolation and fear of the unfamiliar. Keep reading to learn how franchising helps conquer these.
Fear of Isolation
Many people assume that entrepreneurship means working without guidance or support. When people think of entrepreneurs, they often think of a lone visionary trying to build a business from nothing. That may be a common situation for traditional entrepreneurs, but franchisees get a much better deal.
When you opt for self-employment through franchising, you opt into an established network of support. I know this is true because I’ve experienced it firsthand. As a new franchise owner, you’ll be able to tap into a directory of established owners who can offer practical tips or just sympathy to make the startup process easier. And the network doesn’t go away just because you get some experience under your belt. Even today, I can pick up the phone and call another franchise owner for encouragement or advice–but now I also have the pleasure of paying things forward and being the encourager and advisor for others. There are probably some franchise networks where owners are more competitive with each other, but most franchisors prefer to encourage cooperation. After all, it’s in their best interests for everyone to succeed.
In franchising, you also get support from the corporate office. Details vary, of course, but franchisors typically provide startup guidance to help you get your business off the ground, plus ongoing marketing support to help bring people through the door. Many franchise companies also provide online or in-person training to help you be a better business owner. Finally, franchisors often leverage the size of their networks to negotiate better service and supply costs for owners–a benefit you can’t get as a solo business owner.
Fear of the Unfamiliar
If you’ve been a corporate employee your entire career, entrepreneurship is unfamiliar. You haven’t experienced it and don’t know how you’ll perform in that role. But think about it from another perspective. As a consumer, you’re already deeply familiar with franchises. Have you ever grabbed doughnuts at Dunkin’, stayed at a Hampton Inn, or had your oil changed at Valvoline? They’re all franchises, and so are many more of the nation’s most familiar businesses. As an experienced franchise customer, then, you already know what people expect from franchises and how successful they can be.
In addition, self-employment through franchising has parallels to managing a division within a company. Vice presidents and C-level executives have to hire and fire employees, oversee marketing plans and expansions, manage their division’s finances, and create a successful customer experience. Guess what? Those are a franchisee’s key responsibilities, too! In other words, many of the skills that you’ve developed as a corporate leader will translate easily to running your own franchise. You can even pick a business type or ownership model that most closely matches your skills and experience. If you’re a CFO, for instance, a financial services franchise might be your perfect fit. Or if you’re a marketing director, look for a franchise with a unique brand story. Mid-career managers may prefer working as owner-operators, while C-levels considering early retirement might prefer executive ownership.
Bottom line? Entrepreneurship doesn’t have to be scary. If you take the path of self-employment through franchising, the nature of the industry can help you conquer your fears. I can help, too. Schedule a call with me to learn how I can demystify the franchise process and make entrepreneurship fun, not fearful.
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